Hi all,
I have learned so much in a short time from this site, so thanks in advance.
I have read WCI's backdoor roth IRA tutorial but had a question I can't quite figure out.
I have learned so much in a short time from this site, so thanks in advance.
I have read WCI's backdoor roth IRA tutorial but had a question I can't quite figure out.
We are planning to do one for both myself and my wife in 2016.
For myself, I will contribute 5500 to a nondeductible traditional IRA, then move it to a roth IRA after a few days. Form 8606 for mine should be straightforward.
For my wife, we made a nondeductible contribution in 2015 but left the money in there (mostly because we didn't really know what we were doing at the time). She has no other SEP-iras, etc and no pre-tax money in this traditional IRA.
We filled out form 8606 in 2015 to document that the nondeductible contribution was made, but we never did a roth conversion.
Can we move that nondeductible contribution to a Roth IRA in 2016? Specifically, my question is how would the form 8606 for 2016 have to be filled out?
Or should we just make a new nondeductible traditional IRA contribution for her in 2016 and move that to a Roth (would that simplify the paperwork by sort of starting over?)
Thanks so much and sorry if this is confusing!
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